Dissolved/De Facto Corporations
Statutes
"Corporation to cease business 198 A corporation being wound up voluntarily shall, from the commencement of its winding up, cease to carry on its undertaking, except in so far as may be required as beneficial for the winding up thereof, and all transfers of shares, except transfers made to or with the sanction of the liquidator taking place after the commencement of its winding up, are void, but its corporate existence and all its corporate powers, even if it is otherwise provided by its articles or by-laws, continue until its affairs are wound up. R.S.O. 1990, c. B.16, s. 198.
No proceedings against corporation after voluntary winding up except by leave
199 After the commencement of a voluntary winding up,
(a) no action or other proceeding shall be commenced against the corporation; and
(b) no attachment, sequestration, distress or execution shall be put in force against the estate or effects of the corporation,
except by leave of the court and subject to such terms as the court imposes. R.S.O. 1990, c. B.16, s. 199."
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